Odonate Therapeutics, Inc. (NASDAQ: ODT) reported financial results for Q3 and nine months ended September 30, 2020. Cash increased to $188.3 million from $180.5 million, primarily due to $87.4 million from a public offering, offset by $81.6 million in operating losses. The company incurred a net loss of $30.5 million for Q3 and $94.1 million for the nine months, compared to losses of $26.6 million and $84.0 million in 2019. Positive results from the Phase 3 CONTESSA study of tesetaxel for metastatic breast cancer were announced, with a New Drug Application planned for mid-2021.
Odonate Therapeutics announced that results from the CONTESSA Phase 3 study of tesetaxel in metastatic breast cancer will be presented at the 2020 SABCS on December 11, 2020. The study compares tesetaxel with capecitabine in patients with HER2-negative, hormone receptor-positive metastatic breast cancer previously treated with taxane. CONTESSA aims to demonstrate progression-free survival (PFS) and assess secondary endpoints including overall survival (OS) and objective response rate (ORR). Tesetaxel showcases unique pharmacologic advantages, such as oral administration and significant antitumor activity.